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Question 4 Explain what you understand by the terms: Bad debt...

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Question

Accounting

Question 4

  1. Explain what you understand by the terms:
    1. Bad debt written off
    2. Allowance for doubtful debts (8 marks)

  1. The following appears in the ledger of one-year commission received account:

Commission Received Account

1 June

30 June

Accrued b/d

Profit and loss

RM 2,000

23,000

30 June

30 June

Bank

Accrued c/d

20,000 5,000
  1. What is the amount to be shown in Income Statement? (2 marks)

  1. Briefly explain how the above to be presented in the current Balance Sheet.

(4 marks)

  1. How much the commission received have been owed from last period?

(2 marks)

  1. Vehicles are often said to depreciate more quickly over the earlier years of their life, and this means that one of the above two methods is preferable to the other.

Explain which of the above two methods would be more suitable for depreciating the lorry. (4 marks)

  1. What is the difference of non-current assets and current assets? (5 marks)

(Total 25 marks)

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